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New Member
posted Jun 1, 2019 5:07:05 AM

On my federal withholding, I am claiming 6 dependents...my wife, who does not work, and my 5 kids. Will I lose out on all of those exemptions under the new tax law?

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2 Replies
Level 15
Jun 1, 2019 5:07:07 AM

All Personal Exemptions go away effective with the 2018 tax year (returns filed in early 2019). But you get a larger Standard Deduction and larger Child Tax Credits.

https://www.irs.gov/newsroom/updated-2018-withholding-tables-now-available-taxpayers-could-see-paych...

New Member
Jun 1, 2019 5:07:09 AM

Thank you.  So does that mean I should go into my federal withholding information at work and change it to show no exemptions? I don't want to get to January 2019 and have a refund that is a lot less than what I'd normally get.  Sorry...just a bit worried.  I'm the only person in the house who has an income.